Managing People and Creativity in Product Leader Organizations
Organizations that are product leaders do things differently. Be it the way they market the product, the way they build the value proposition to their customers or managing the internal environment and culture they practice innovative methods that gives them the edge to be the leaders. Managing innovation calls for nurturing a pool of highly […]
Brand Identity – Definition and Concept
Brand identity stems from an organization, i.e., an organization is responsible for creating a distinguished product with unique characteristics. It is how an organization seeks to identify itself. It represents how an organization wants to be perceived in the market. An organization communicates its identity to the consumers through its branding and marketing strategies. A […]
Factors Involved While Deciding New Product or Service
Introducing a new product in the market requires meticulous planning and relevant ideas put together after several rounds of discussions and brainstorming sessions among employees associated with the organization. There are several factors which go a long way in deciding how and when a new product should be launched so that it is not only […]
If Your Brand is Losing Out, Where Does the Problem Lie ?
We live in a world that is fast changing. What was relevant last year doesn’t hold ground this year. Changes are taking place in every sphere of life be it in terms of society, values and lifestyle or the products and services that we consume. Post industrial revolution, our life style changed dramatically with the […]
Dynamic Capabilities and Competitive Advantage
Introduction The primary problem in the field of strategic management is to answer the question on how firms attain and maintain the competitive advantage. The phenomenon of globalization has resulted in competitive battles fought on a trans-national basis especially in high-technology industries such as information systems services, and software. These globalized forms of competition have […]
Segmentation refers to the process of creating small segments within a broad market to select the right target market for various brands. Market segmentation helps the marketers to devise and implement relevant strategies to promote their products amongst the target market.
A market segment consists of individuals who have similar choices, interests and preferences. They generally think on the same lines and are inclined towards similar products. Once the organizations decide on their target market, they can easily formulate strategies and plans to make their brands popular amongst the consumers.
The first and foremost step is to identify the target market. The marketers must be very clear about who all should be included in a common segment. Make sure the individuals have something in common. A male and a female can’t be included in one segment as they have different needs and expectations.
Burberry stocks separate merchandise for both men and women. The management is very clear on the target market and has separate strategies for product promotion amongst both the segments.
A Garnier men’s deodorant would obviously not sell if the company uses a female model to create awareness.
Segmentation helps the organizations decide on the marketing strategies and promotional schemes.
Maruti Suzuki has adopted a focused approach and wisely created segments within a large market to promote their cars.
Suzuki Grand Vitara would obviously have no takers amongst the lower income group.
The target market for Rado, Omega or Tag Heuer is the premium segment as compared to Maxima or a Sonata watch.
Once the target market is decided, it is essential to find out the needs of the target audience. The product must meet the expectations of the individuals. The marketer must interact with the target audience to know more about their interests and demands.
Kellogg’s K special was launched specifically for the individuals who wanted to cut down on their calorie intake.
Marketing professionals or individuals exposed to sun rays for a long duration need something which would protect their skin from the harmful effects of sun rays. Keeping this in mind, many organizations came with the concept of sunscreen lotions and creams with a sun protection factor especially for men.
The organizations should ensure their target market is well defined. Create subgroups within groups for effective results.
Cosmetics for females now come in various categories.
It is essential for the marketer to review the needs and preferences of individuals belonging to each segment and sub-segment. The consumers of a particular segment must respond to similar fluctuations in the market and similar marketing strategies.
Give an appropriate name to each segment. It makes implementation of strategies easier.
A kids section can have various segments namely new born, infants, toddlers and so on.
Devise relevant strategies to promote brands amongst each segment. Remember you can’t afford to have same strategies for all the segments. Make sure there is a connect between the product and the target audience. Advertisements promoting female toiletries can’t afford to have a male model, else the purpose gets nullified.
A model promoting a sunscreen lotion has to be shown roaming or working in sun for the desired impact.
Review the behavior of the target audience frequently. It is not necessary individuals would have the same requirement (demand) all through the year. Demands vary, perceptions change and interests differ. A detailed study of the target audience is essential.
It is essential to know the target market size. Collect necessary data for the same. It helps in sales planning and forecasting.
Your email address will not be published. Required fields are marked *
